Tears flow on both corners of Minnesota pay day loan controversy

ST. PAUL — rips flowed freely Wednesday as senators challenged what generally try a fairly dried up matter: lending products.

Some people cried given that it came out lawmakers were going to end brief “payday financing.” Others cried given that they attributed their particular financing for financial troubles.

The Senate business panel accepted a compromise expense that restricts Minnesotans to eight payday loans every year, with at least a 45-day loan-free course.

Renee Bergeron of Duluth taught commission members that as an individual woman of four, she located by herself requiring cash.

“It is just a bait,” she explained of this payday loan she was given, and felt she got compelled to keep getting funding to pay off past personal loans.

“it simply begun spiraling,” she believed in mental testament. “if it was all stated and carried out, I found myself having to pay a minimum of $600 each commission.”

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